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The domestic equity indices ended Wednesday's session on a positive note, with the Nifty 50 index settling above the 24,250 mark. The index opened flat but dipped to an intraday low of 24,145.65 before recovering. Metal and energy stocks emerged as top performers, while pharma and healthcare shares declined. The positive market sentiment is primarily linked to expectations of strong second-half FY25 earnings. Globally, Asian markets displayed negative trend, influenced by potential US tariffs.
The S&P BSE Sensex rose 230.02 points or 0.29% to 80,234.08. The Nifty 50 index advanced 80.40 points or 0.33% to 24,274.90.
Adani Enterprises (up 11.56%), Adani Ports & SEZ (up 6.29%) and HDFC Bank (up 1.43%) were major drags.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index added 1.18%.
The market breadth was strong. On the BSE, 2,563 shares rose and 1,380 shares fell. A total of 97 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.21% to 14.63.
Numbers to Track:
The yield on India's 10-year benchmark federal grew 1.52% to 6.931 as compared with previous close 6.941.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4350 compared with its close of 84.2950 during the previous trading session.
MCX Gold futures for 5 December 2024 settlement rose 0.97% to Rs 75,939.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.48% to 106.50.
The United States 10-year bond yield fell 0.88% to 4.267.
In the commodities market, Brent crude for January 2025 settlement added 29 cents or 0.40% to $72.81 a barrel.
Global Markets:
Most European and Asian stocks declined on Wednesday amid lingering concerns over Donald Trump's tariff plans, which had rattled emerging markets in the previous session. Speculation about the role tariffs would play in the president-elect's economic agenda intensified as reports surfaced that Jamieson Greer, a prot'g' of Robert Lighthizer, was being considered for US Trade Representative. This selection underscores the administration's focus on protectionist trade policies.
In Australia, the consumer price index (CPI) inflation grew by 2.1% year-on-year in October, falling short of expectations due to government subsidies that helped reduce energy costs. However, core inflation, represented by the annual trimmed mean inflation, rose to 3.5% in October from 3.2% the previous month, pushing further above the Reserve Bank's target range.
US stocks advanced on Tuesday as strength in technology shares counterbalanced worries about potential tariff escalations under Donald Trump's administration. The S&P 500 climbed 0.57%, the Dow Jones Industrial Average rose 0.28%, and the NASDAQ Composite gained 0.63%.
Among the Magnificent Seven tech stocks, five closed higher, led by Amazon.com Inc., which surged over 3%. The rally followed reports from Bloomberg that Amazon plans to reduce its reliance on NVIDIA Corporation by developing its own custom artificial intelligence chips.
Investors also weighed mixed signals on U.S. interest rates. Minutes from the Federal Reserve's November meeting revealed a split among policymakers regarding the path of future rate cuts. They highlighted uncertainty about the neutral rate, a level that neither stimulates nor restricts economic growth, as a key factor for their cautious stance.
Stocks in Spotlight:
Adani Group shares surged up to 12% after Adani Green Energy said the conglomerate's chairman Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act.
NTPC added 2.09% after the company announced the incorporation of a joint venture company between NTPC Green Energy (NGEL) and Maharashtra State Power Generation Company (MAHAGENCO).
MAHAGENCO NTPC Green Energy (MNGEPL) has been incorporated as 50:50 joint venture between NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC, and Maharashtra State Power Generation Company (MAHAGENCO), a Government of Maharashtra (GOM)-owned company.
Ola Electric Mobility hit an upper circuit of 20% after the company launched its most affordable electric scooters, S1 Z and Gig range, priced from Rs 39,000.
Sky Gold hit a lower circuit of 5%. The company informed that its board has approved the issuance of bonus equity shares in the proportion of 9:1, i.e., 9 bonus equity shares for every 1 existing equity share held.
Rail Vikas Nigam (RVNL) advanced 1.23% after the company received a letter of acceptance (LoA) for an engineering, procurement, and construction (EPC) contract worth Rs 625.08 crore from South Central Railway.
Zaggle Prepaid Ocean Services hit an upper circuit of 5% after the company has entered into an agreement with Mastercard Technology (MasterCard) for 7 years.
CG Power and Industrial Solutions rallied 4% after the company's subsidiary G.G.Tronics India (GGT) secured a KAVACH order from Chittaranjan Locomotive Works, West Bengal, Government of India
Talbros Automotive Components zoomed 11.11% after the company, along with its JV's, received orders worth Rs 475 crore for both the domestic and export markets from the leading OEM's. These orders are to be executed over the period of the next 5 years. These orders include orders from all the company's product lines like gaskets, heat shields, forging components, chassis and hoses.
Siemens advanced 2.54% after the heavy electrical equipment maker's consolidated net profit jumped 45.40% to Rs 830.70 crore in September 2024 quarter as against Rs 571.30 crore reported in the same period last year. Total revenue from operations increased 11.40% year on year (YoY) to Rs 6,373.60 crore during the quarter ended 30 September 2024.
New Listing:
Shares of NTPC Green Energy settled at Rs 122.10 on the BSE, a premium of 13.06% as compared with the issue price of Rs 108.
The scrip was listed at Rs 111.60, a premium of 3.33% to the issue price. The stock has hit a high of 122.75 and a low of 111.60. On the BSE, over 3.43 crore shares of the company were traded in the counter.
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